Prudential Regulator Oversight Act

Floor Speech

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Mr. HILL of Arkansas. Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, first of all, happy new year to our chairwoman of the full committee. I am glad to see the gentlewoman on the floor today on this good set of bills that she has worked hard to produce, a bipartisan solution to so many important topics.

I rise in support of H.R. 4841 today, and I thank the gentleman from Minnesota (Mr. Phillips) and the gentleman from Georgia (Mr. Loudermilk) for offering this legislation.

If there is one key point that the Republicans and Democrats can agree on in the post-2008 crisis, it is that increased dialogue and transparency on safety and soundness of institutions, and monitoring emerging risks and potential threats to financial stability, can better promote understanding of the most concerning issues facing our American financial system, the broader economy, and how to make sure that America can keep its leadership in the world in competitive financial services. Certainly, an active Financial Stability Oversight Council is an example of that, and this measure, H.R. 4841, is a key tool as well.

It will require Federal financial regulators to appear at least annually before the House Financial Services Committee and the Senate Banking Committee to provide testimony on their oversight of financial institutions, including regulatory, supervisory, and enforcement activities.

Under this bill, the regulators will also be required to produce semiannual reports to Congress on these efforts.

Although the Federal Reserve Chairman, the Federal Reserve Vice Chairman for Supervision, and the Director of the Consumer Financial Protection Bureau are required to testify before Congress semiannually, similar requirements do not exist for the Comptroller of the Currency, the Chair of the FDIC, or the Chair of the National Credit Union Administration.

Last year, the principals from the prudential regulatory agencies, the OCC, the FDIC, and National Credit Union Administration, willingly and happily testified alongside the Federal Reserve Vice Chair for Supervision during his statutorily required appearance.

Committee Republicans recognize that it is good practice to have open and regular conversations with our prudential regulators on topics concerning the integrity of the U.S. and global financial systems. This practice is important, regardless of which party is in power.

Merger and acquisition trends, BSA/AML exams, fintech, Bank Secrecy Act, anti-money-laundering exams and trends, the use of financial technology, cyber threats and planning for cyber protection and compliance issues, generally, all of these are important topics.

I thank the gentleman from Minnesota for working in a bipartisan way to address some modest concerns the Republicans had with the initial draft. We were able to make simple changes that clarify the parameters for the release of information by Federal banking regulators.

This result is a bill focused on good government and increased transparency. I thank the gentleman from Minnesota and his colleague, Mr. Loudermilk from Georgia. I urge my colleagues to support H.R.

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Mr. HILL of Arkansas. Madam Speaker, I yield 2 minutes to the gentleman from Ohio (Mr. Gonzalez), my good friend who supports this legislation.

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Mr. HILL of Arkansas. Madam Speaker, I reserve the balance of my time.

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Mr. HILL of Arkansas. Madam Speaker, I yield myself the balance of my time.

I want to urge my colleagues to support H.R. 4841. It is an excellent piece of bipartisan work that certainly speaks to the heart of Article I power, which is oversight over the executive. I congratulate Mr. Phillips and Mr. Loudermilk for their work.

Madam Speaker, I yield back the balance of my time.

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